Global market for drone technology valued at US$127bn

Tuesday, 10 May 2016 07:12

The infrastructure industry is predicted to have the best prospects for drone applications with a market value of US$45.2 bn. (Image Source: Richard Unten)A study by PricewaterhouseCoopers LLP (PWC) has revealed that the emerging global market for business services using drones has been valued at more than US$127bn

According to the study, commercial applications of drones are poised to have a major impact on the business operations of companies throughout a broad range of industry sectors, ranging from agriculture to filmmaking. With the falling cost of the technology and its growing range of applications, a large percentage of current business services and labour will be expected to be replaced by drone-powered solutions in the near future.

According to Clarity from Above, the report by PwC, the industry with the best prospects for drone applications is infrastructure development, with a total addressable market value of US$45.2bn. This was followed by the agriculture, transport, security and media sectors.

PwC has recently established a global centre of excellence, named Drone Powered Solutions, aimed at focusing on the use of drone technology and data analytics in business. Based in Poland, the centre will deliver drone and geospatial data analytics to help clients across Europe. Poland is the first country in the world to introduce a complete legal framework regulating the commercial use of drones.

Commenting on the report and on PwC’s entry into the drone technology market, PwC partner and head Michal Mazur said, “We are currently in discussion with major companies from a wide range of industries about how they can use drones to improve their business processes. With an estimated market value of more than US$127bn in commercial applications, drones are making the transition from novelty item to indispensable business tool.”